Debit Card vs. Credit Card Usage Statistics

Around 60% of people are in credit card debt, according to 2021 data. In 2023, 8 in 10 adults in the U.S. (82%) reported having at least one credit card and 73% of those adults carried a balance. Also, nearly 48% of credit card accounts carry debt, according to the latest reports. For more context, out of the 600 million credit card accounts, over 280 million carried a monthly balance, indicating that millions of people in the U.S. have credit card debt.

Shedding more light on this issue, people between the ages of 30 and 59 have an average of 131.47% more credit card debt than their older and younger counterparts. To delve deeper into credit card debt trends in the U.S., you can read WalletHub's latest Credit Card Debt Study.

Credit cards offer plenty of perks, from rewards on every purchase to 0% APRs, but they can also get accountholders into trouble if they aren't careful. Reducing debt and adopting sustainable spending habits are particularly important.

The average credit card debt for college students is $3,280, according to College Finance. This debt has become increasingly popular among college students. Plus, according to the College Finance study, it causes the most worry among college students, even more so than student loans. 

What you should know about college student credit card debt:

• 37.6% of college students are behind on their payments while 44.7% of them are only paying their minimum amount.
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Credit cards are integral to today's financial landscape, representing 35% of all payments in 2024, with usage rising by 9.38% from the previous year. The average person held five credit card accounts and paid an average of $514.65 in interest and fees in 2024. By Q4 2025, there were about 648 million credit card accounts in the U.S. and credit card debt had reached $1.39 trillion, with an average interest rate of 20.97% for all credit card accounts and 22.30% for accounts with finance charge.

Below, you will find additional statistics highlighting various aspects of credit card use.

Key Credit Card Statistics:

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The debit card market's corporate hierarchy is important for a number of reasons.  For starters, financial institutions with a large deposit account business are well-positioned for success in the lending space, as they typically to have a lot of cash on hand.  In addition, the largest debit card issuers tend to offer some of the best checking accounts, and their popularity is tantamount to a seal of approval borne from consumer comparison shopping.  Finally, comparing the largest debit card issuers to the largest credit card issuers will give you a sense of how the power structure varies across segments of the personal finance industry.

1. Market Share of Debit Card Issuers Based on Purchase Volume
2. Largest Debit Card Issuers Based on Purchase Volume 

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Credit cards are used twice as much as cash for payments, and the gap has been increasing over the years. Below, you can find more statistics that help illustrate the popularity of both payment methods, including how transaction amounts and the demographics of users are shifting.

Important Takeaways

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Credit card usage refers to how much people use credit cards to make payments or purchases. Almost 81% of adults owned a credit card in 2024, and 35% of transactions were made with a credit card. Some people use their credit cards to build credit and save money with rewards and low-interest promotions. Others use credit cards to rack up expensive debt. Below, you can find more statistics that illustrate how Americans use their credit cards.

Key Stats

• Share of credit cards for payment: 35%
• Income group with highest credit card usage: Income of $100,000 or more (97%)
• Age group with highest credit card usage: 60+ years old (92%)
• Race with highest credit card usage: Asian (89%)

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There were about 648 million credit card accounts in the U.S. as of Q4 2025. In 2023, 82% of adults had at least one credit card in their wallet.

The number of credit cards in circulation and the number of people using them are crucial metrics when it comes to understanding both the payments landscape and consumer preferences. These figures speak to the overall availability of credit as well as the popularity of credit as a spending vehicle. Furthermore, credit card statistics like these indicate whether most consumers are using a single credit card for all expenses or a few cards targeted to different types of transactions.

1. Number of Credit Cards
2. Number of Cardholders
3. Number of Credit Cards per Cardholder
4. New Credit Card Inquires
5. Credit Card Ownership
6. Number of Credit Card Accounts

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A big difference between the Target debit card and the Target Credit Card is that the debit card is linked to a checking account and funds are withdrawn from the account after a Target purchase, while the Target Credit Card provides a credit line to borrow money for purchases. Those purchases can be repaid later. 

Target offers two types of credit cards: a store credit card and a Mastercard credit card. The store card, like the Target debit...